Retirees can maximize their charitable giving this holiday season with a Qualified Charitable Distribution (QCD) from their IRA. This direct donation can reduce taxes and support favorite charities without impacting adjusted gross income. QCDs are most beneficial for retirees 70 ½ or older, who don’t itemize deductions and have mid-six figure IRA balances. Married couples can each donate up to $108,000 annually. QCDs are a tax-efficient way to give back, satisfy RMD requirements, and lower taxable income. Consult a financial advisor to navigate the complexities and maximize the benefits of QCDs for a win-win situation.

Read more at Yahoo Finance.: This tax move is ‘one of the IRS’ best-kept secrets for retirees’. Why do 90% of retired Americans miss it?